ATHENS — Europe and Greece could emerge stronger from the pandemic crisis through a green recovery, investing on cycle economy, energy saving, renewable energy sources, sustainable transport and clean technology, creating green job positions, Bank of Greece governor Yannis Stournaras said on Tuesday.

Speaking during a webinar, the central banker said that according to all evidence, capital markets are not functioning as efficiently as they should on pricing risks from climate change, and therefore fail to offer either the necessary investment incentives for green investments or the counter-incentives for investments damaging the environment.

Consequently, national governments in cooperation with the European Commission should take action, he noted, adding that during the next months or years, nations around the globe are estimated to invest more than 20 trillion US dollars for recovery from the coronavirus pandemic.